“Increases in the January estimates of disposable personal income and the personal saving rate mostly result from a decrease in personal current taxes, which reflect the effects of the Tax Cuts and Jobs Act (TCJA),” the government agency said. “BEA estimates that the TCJA reduced personal current taxes by $115.5 billion at an annual rate.”

Estimates for wages and salaries in January were adjusted up by $30.0 billion to account for bonuses paid by businesses that are not included in the monthly source data in the Current Employment Statistics from the Bureau of Labor Statistics. This revision reflects one-time bonuses reported by PPD and other outlets after the passage of the TCJA.